ExWorks Capital Provides $14MM Mezzanine Facility to Engenavis

Founded in 2016 in Scottsdale, AZ, Engenavis designs and manufactures energy storage batteries utilized in the automobile, waste recycling, home automation and other industries.

“The ExWorks transaction was an important step for our company, enabling us to complete the amalgamation of Engenavis and iQ Power Licensing, and to simultaneously acquire an Italian battery manufacturer now being retrofitted with the Company’s proprietary manufacturing technologies,” said Kevin Loman, CEO of Engenavis. “We appreciate the commitment and efforts of Madison Street Capital to help us complete this funding. It is a key component to the dramatic transformation underway in our combined organization.”

Luke LaHaie, managing director of ExWorks Capital, who led the underwriting effort, added, “We are closing more than 40 transactions every year and have a committed due diligence team of over forty that can close a complex transaction in four weeks or less. We have enjoyed working with the Engenavis’ management team to resolve the complex issues of this transaction in a timely fashion and working with Madison Street Capital.”

ExWorks Capital is an international trade finance company which offers export financing solutions to U.S. exporters, including working capital financing, term loan financing and export trading.